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Old 02-16-2015, 10:18 PM
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help with form 8949

I have a large loss from sale of home my wife was gifted from her mother and a small gain from sale of a home that my wife inherited from her grandmother. In filing out form 8949 I needed to know if I play the loss against the gain for a Loss and then transfer it to sch D as a -0- because I was quite sure you can not deduct loss on personal use property. I was confused when having to add up columns. thanks Larry



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Old 02-17-2015, 10:00 PM
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Quote:
Originally Posted by Amazinglyeasy View Post
I have a large loss from sale of home my wife was gifted from her mother and a small gain from sale of a home that my wife inherited from her grandmother. In filing out form 8949 I needed to know if I play the loss against the gain for a Loss and then transfer it to sch D as a -0- because I was quite sure you can not deduct loss on personal use property. I was confused when having to add up columns. thanks Larry
as you said, you can not deduct a loss from the sale or other disposition of property held for personal use , except in the case of casualty or theft;however, gains on these items are taxable unless otherwise excluded, such as under the home sale rules that allow you to exclude up to $250k on the sale of your primary home.



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